Mortgage Renewal

[JackJackJackJackJackJack]

just a tid bit of factual advise i picked up at the poly tech, a mortage can only be lasted for a maximerm of 35 years!!!!!! this is being brought to the front probably in the month of feberruary of this new year

[flylock shox]

That sure is a lot of jacks.

[Kev]

Originally Posted by Frequitude

How does it work if you're in the middle of your 5 year term, but want to lock in if you find a good rate out there? I've been floating at prime-0.8 for two and a half years now, but want to lock in in the next quarter or two.

Can you do that? Can I go somewhere else and say "you can have my business at this great rate you've posted if you buy out my mortgage over there"?

Who did you get that rate with if you don't mind me asking? What's the best variable rate you can get now I wonder?

[Frequitude]

Originally Posted by Kev

Who did you get that rate with if you don't mind me asking? What's the best variable rate you can get now I wonder?

It's a CIBC mortgage I got through Jencor in August 2006. I'm not sure what the answer is to the second question.

[Walks44]

I just signed a new mortgage after closing my last one 8 months early, because TD Canada Trust would'nt approve me for what an RBC broker would. I had to pay a fee to get out of my old mortgage, however whe your rate goes from 4.92% to 3.3%. The savings are just to high not to switch. Going with a broker or specialist is definately the way to go. I got aprroved for a higher amount of money and kept my payment the same from my old house to my new one.

[Nancy]

Originally Posted by Kev

Who did you get that rate with if you don't mind me asking? What's the best variable rate you can get now I wonder?

There are a number of places posting prime+0.8%. I've seen prime + 0.75%.